Editor's Review

CBK has revealed that the number of Kenyans with more than Ksh100,000 in their accounts increased by 134,000.

The Central Bank of Kenya (CBK) yesterday, May 26, 2021, released the data of Kenyans with over Ksh100,000 in their bank accounts.

According to the report, the number of accounts with that much money rose by 134,000 to 1.69 million for the year ended December 2020, translating to a 8.7 per cent growth.

CBK noted that the increase defied the economic turmoil caused by the Covid-19 pandemic, especially for accounts held by salaried members of the public.

The increment is the highest in three years, as individuals and companies stockpiled Ksh341 billion extra since the dawn of the Covid-19 pandemic.

According to analysts, the increment in high quality accounts was occasioned by cuts in spending by Kenyans who remained in employment through the pandemic period.

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Following the reduced spending, household saving rates increased as well as bank deposits.

"Total deposits increased by 13.9 per cent from Ksh3.6 trillion in December 2019 to Ksh4.1 trillion in December 2020. The growth was supported by mobilisation of deposits through agency banking and mobile phone platforms," the CBK annual banking sector report read in part.

The increment in high quality accounts indicated that individuals and companies opted to save rather than seek new investment ventures.

Banks also indicated that savings increased after the government imposed cashless payments through mobile platforms as a mitigation measure in the fight against Covid-19.